Not only has the pension fund ATP lost 2.3 billion kroner on Northvolt's impending bankruptcy, a Danish company must say goodbye to 20 million.
It will be expensive for almost all Danes when the Swedish manufacturer of batteries for electric cars, Northvolt, apparently goes bankrupt. Millions will be lost.
In fact, the loss should be counted in billions. That is what the Danish pension fund, to which all Danish wage earners pay, stands to take.
But the investment will also hurt Danish companies. Overall, there are investments in Northvolt from a number of Danish companies for 23 million kroner.
The biggest loss is probably for the Odense-based company Jorgensen Engineering in Odense, which alone believes it has claims of 20.5 million kroner against the battery manufacturer.
This is what Finance writes.
– As you can understand, we are in the middle of a complex process and therefore have no further comments, writes Kenneth Bo Madsen, director of Jorgensen Engineering, to the media.
All Danish claims now being made against Northvolt are designated as 'unsecured'. This means that the likelihood of getting the money back in the event of bankruptcy is very small. Probably non-existent.
However, both ATP and Jorgensen Engineering's demands are clear water in relation to the depreciation of the car brands. BMW has withdrawn a contract worth 14 billion Danish kroner. And Volkswagen, Northvolt's largest investor, stands to lose an as yet unknown billion euro amount.
Chinese Volvo is trying to minimize its losses on Northvolt by kicking the battery manufacturer out of a joint venture. Read more about it here .
